San Mateo, Calif. – September 19, 2022 – BriteCore, a next-generation provider of cloud-native policy administration solutions, today released the results of its annual Core Systems Survey of North American property and casualty (P&C) insurers.
The survey, conducted in the third quarter of 2022, reveals a vast majority (94%) of insurance carrier leaders rely on core systems to grow their business, improve efficiency, and modernize their insurance operations.
For insurance carriers, policy administration systems typically automate the management of insurance policies and the core business processes related to underwriting, billing, claims, agent and policyholder access, and reporting. To better understand the key challenges and trends occurring in the market, core platform company BriteCore surveyed 60 P&C insurance business leaders across North America. Questions posed to respondents sought to gauge insights on key challenges and trends occurring in the market as insurance carriers evaluated and applied new services and technologies to their business.
“Our research shows that core systems are enabling small to medium size insurers and MGAs to gain a competitive edge against larger companies,” said Ray Villeneuve, CEO at BriteCore. “By modernizing their insurance operations, the survey results confirm that insurers are leveraging core systems to achieve greater productivity and operational resiliency. From our own client experience, we can share countless examples where insurers have gained a competitive advantage in their markets and more than doubled their business without adding staff.”
Key findings from the Core Systems Survey include:
- There are numerous levers to drive growth for small to medium size insurers, yet it’s clear the agent relationship plays a critical role in their ongoing success. As a primary strategy towards achieving business growth, 2/3 of respondents (71%) are leveraging their core system to attract new agents and better enable agents.
- Almost every P&C insurer is on a continuous process improvement journey – and should be, if not. A majority of respondents (60%) are improving their efficiency by streamlining the underwriting process and claims processes with their core systems.
- As P&C insurers continue their modernization efforts, they realize an all-in-one ‘suite’ approach is critical to avoid the headaches of cobbling together and maintaining various core modules from different vendors. Tied as the two most important qualities of a core system, insurers want to transact all activities through and all-in-one system (58%) and want a core platform that is reliable, secure and provides for disaster recovery (58%).
To download the full research report, click here.
BriteCore representatives are available this week to share the Core Systems Survey research findings with P&C industry leaders attending the National Association of Mutual Insurance Companies (NAMIC) conference, September 18-21, 2022 in Dallas, TX and attending the InsureTech Connect (ITC) conference, September 19-22, 2022 in Las Vegas, NV.
BriteCore is a cloud-native platform for P&C insurers that unlocks business growth, delivers greater productivity and efficiency, and provides a modern customer experience. With the BriteCore Platform, insurers easily administer policies, manage billing and claims, rapidly configure new products, and access detailed reporting and analytics in an all-in-one core system, with agent and policyholder portals. Trusted by over 80 insurers across North America, BriteCore’s policy administration solution enables midsize carriers and MGAs to compete with the largest providers.
For more information, visit www.britecore.com.